FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 878, 23 January 1930, Page 10

FINANCE & MARKETS

Market on ’Change Further Bearing Influences l>y “Noon Cal!.” TIIK financial fates seem set right against the New Zealand stock market. Each week seems to bring some fresh bearing influence. This week it has received two severe hlows—firstly, the slump in wool prices, and secondly, the news from across the Tasman that New South Wales was meeting with difficulty in respect to fresh loan requirements. A further easing in the general level of share prices is noted.

Fluctuations Price movements, shown by a comparison of sales on the Auckland 'Change 'over the past 24 hours with the price at the time of the previous recorded sale, »n----cl ude: Bank of New Zealand, fall of 6d. Commercial Bank of Australia, fall of Bd. Wilsons Cement, fall of 3d. Ohinemuri Mining, rise of Id. Business on the Auckland Market Transactions on the Auckland market over the past 24 hoyrs included:— Yesterday afternoon: Commercial I lank of Australia, 245: ditto (rights), 2s lid; National Bank of New Zealand, Ut> .vs tid; Bank of New Zealand. 575; ill pref.). 17s; Auckland Gas. 24s lOd; New Zealand Breweries, 87s 3d. This morning's early call: Bank of Mmw Zealand, 56s 6d: Bank of New South Wales. £4O 15s. .\t the midday call: Commercial Bank of Australia, 23s 9d; Dominion Pictures (pref.). 21s; Wilsons Cement, 40s 3d; Ohinemuri Mining-. ss. Mine Managers’ Reports Mine managers report as follow: Hauraki. —As telegraphed. 101 b of picked stone were selected from the stopes on the Stockwood reef above the 400 ft level. The following stope is now nearing the same point. There is no change in the nature of the reef or the country rock. At the seaward lace what is probably the Venus reef s being followed to the junction with he Stockwood reef. Water is making i the bottom holes, indicating the uproach to the reef. A start has been i.ide with driving the crosscut toward io Union Beach shaft and testing

new country directly under the spot where rich gold was got years ago. * * * Influence of Australian Market The news of the adverse decision of the London market in respect to New South Wales loan requirements has had an immediate bearing influence on the prices for all stocks in any way connected with Australia. Goldsbrough. Morts, have fallen to find sellers at 32s unsupported. Dalgetys are an exception, holding fairly firm, with no sellers. The banking group has suffered most, even New Zealands giving way under the continued pressure of bearing influences to sell at 56s 6A. Commercials declined to ne wlovv levels. at 23s 9d, with more available at that price. Sellers predominate in the group, and there is little strength in the market. Even local shares like Wilsons Cements are feeling the strain, and sales of this company’s scrip were put through at 40s this morning. The gilt-edge section is also weak, with an increasing number of sellers. Short-dated 5i per cent, stocks, which were selling at a fraction over par sixweeks ago. are now available at 98s. Dividends Payable Due. British Tobacco, pref., final, 6i p.c Jan. 31 Union Bank—interim, 12£ p.c. p.a. Jan. 29 Commercial Bank of Australia—interim, ord., 15 p.c. p.a.; pref.. 4 p.c., p.a Feb. 7 N.Z. Insurance —interim, lid a share Feb. 12 Queensland Nat. Bank—quarterly, 2i p.c Feb. 13 Victoria Nyanza Sugar—final for last financial year, 5 p.c., and Interim for current year, 2'j p.c. Feb. 25 Broken Hill South —quarterly, 2s a share Feb. 26 Electrolytic Zinc—interim, ord. and pref., 12 p.c. p.a Mar. 6

TO-DAY’S QUOTATIONS

CHICAGO WHEAT CHICAGO, Tuesday. Wheat. —March, 1 dollar 24 3-8 rents a bushel; May, 1 dollar 28 5-8 cents; July, 1 dollar 301 cents. BUTTER AND CHEESE Merchants report receipt of oversells cables as follow; Dalgety and Company. Ltd., from London, under date January 21: Cheese: Prices are Is a cwt higher; white. 87s to 88s; coloured. Sss t-_» S6s. Newton King. Ltd., from R. and VV. Davidson. Ltd., under date January 21: —Butter market slow; tendency weaker; salted. 154 s to 1565; unsalted. ItiSs to 1725. Cheese: Market slightly weaker; white, &7s to 88s; coloured. 84s to S6s LONDON STOCK EXCHANGE LONDON, Tuesday. The following arc among today’s quotations on the London Stock Exchange:—Bank of Australasia. .£ll 12s Ud: Bapk of New South Wales. £37: Union Bank of Australia, £ll 6s 3d, ex dividend; National Bank of New Zealand, £6 4s 6d; Bank of New Zealand, 4 per cent, guaranteed stock. £94: Bank of New Zealand shares, 36s 10£d; New Zealand Loan and Mercantile Agency Comapny, Ltd., 4 per tent, debentures, £7l 15s; stock, £lll 10s.

COMPANY REGISTRATIONS One public and five private companies have been registered at Auckland over the past day or so. Details PUBLIC Dominion Importing Co., Ltd., drapers, etc. Capital. £14,000 in £ 1 shares. Subscribers: Cecil X. B. Mardon, 11,093 shares; Ada E. Mardon, 2,000 shares; R. M. Scelly, Arthur E. Cavan, Ivy F. Goodson, C.‘if ton T. Keegan and T. J. Spry, one share each. PRIVATE Harrison and Marshall, Ltd., printers land stationers, etc. Capital; £9OO, in £1 shares. Subscribers: William j Ernest Harrison. William George - Porter and Leslie Francis Marshall, .‘{oo shares each. Shroff and Sons, Ltd., merchants and commission agents. etc. Capital: E 10.000. Subscribers: Mortimer W. Shroff, 9.002 shares; Mortimer Horne Shroff. 499 shares; Claude L. Shroff. 499 shares. Broadway Finance Co., Ltd., niort- ! gage loan and finance agents. Capital, £4,425. Subscribers: D. D. X. McGregor. 429 shares; FI. G. Bartleet, 3,996 shares. Candy and Co., Ltd., confectioner and manufacturer. Capital. £2,000. Subscribers: Henry Norman Maddox, 1,300 shares; Helena May Maddox. 500 shares. Charles Andrea, Ltd., kauri gum merchants and brokers. Capital, £2. with power to increase or reduce the same. Subscribers: Emily Louisa Andrea and Gladys Ethel And.rae, one share each. PROPERTY SALES Messrs. Robert C. Carr and Son will sell by auction at their rooms, 20 Swanson Street, tomorrow, at 12 noon, a fourroomed wooden house with kitchen, bathroom and usual conveniences, situated in Kelvin Road, Remuera. near the Meadow - bank School. The sale is under conduct of the Registrar of the Supreme Court and at the request of the mortgagee.

BEEF EASIER N.Z. STOCK MARKETS EXPORTERS OPERATING (By H.W.C.). A slightly easier tone was noticeable in the beef market yesterday at both Addington and Westfield. At Addington a decline of £1 a head was registered in the face; of a short market. The Westfield offering of approximately lißo head of fat cattle was made up of a very mixed assortment. The quality of the ox beef entry was ud to the usual standard, moderately well finished medium-weight steers predominating; the cow and heifer entry was very mixed, and a big percentage could have done with more finish The market had an easier tone throughout; exporters and the bigger butchering firms operated with more strength than for several weeks, overseas buyers making their biggest day’s purchase at the yards this season. The smaller butchers filled most of their requirements in the cow and heifer section. Despite yesterday’s entry into the market by exporters, the beef market is still a little above the export parity, and any buying for overseas is only for special orders. Graziers are still holding on to their fat cattle and there is not any tendency to give the market any more than just sufficient to meet the requirements of the local butchers. Calves met with a slightly erratic market at Westfield yesterday, but, generally, there, was little quotable difference in prices. Beef Market Easier A fairly heavy' yarding of fat sheep met with an easier market. At no time during the sale was the demand keen. Fat lambs sold at late rates, the market being regulated by the export parity of up to 72d for first-grade under SGlb. Fxport buyers watched the market throughout. Lambs continue to come forward to the works freely, and bookings are still well up to capacity. The market for fat pigs yesterday was very firm, showing it anything, a slight advance on last week. Westfield Prices

Prices at Westfield yesterday ranged as follow: Cattle. —Extra heavy prime steers, to £l7; heavy prime. £l4 17s 6d to £l6 os; medium, £l3 10s to £l4 los; light and small from £lO os. Extra heavy young cows and heifers, to £l3 2s 6d; heavy prime, £9 10s. to £ll ss; medium, £8 to £9 ss; smaller and light, £6 to £7 15s; unfinished, from £4 10s. , Calves. —Extra heavy runners made to £9 10s; ordinary runners, to £7; extra heavy prime vealers, to £5 2s; medium, £3 8s to £4; light, £-- 10» to £3 6s; smaller, £1 18s to £3 8s: small and fresh-dropped. 7s to £1 16si rough calves, 14s to £1 10s. Sheep.—Extra heavy prime wethers made £ 1 8s to £ 1 8s 9d; heavy prime, £1 7s to £1 7s 9d; medium to heavy prime. £1 6s to £1 6s 9d; light to medium prime, £1 5s to £1 5s 9d: unfinished, £1 3s to £1 4s 9d; extra heavy prime young ewes, 19s to £1 is 3d; heavy prime ewes, 1/s bd to 9d; lighter prime, 16s to 17s 3d; other killabie ewes, 14s 6d to 15s 9d; extra heavy prime lambs made £1 5s £1 7s; heavy prime, £ 1 4s to £1 5s 3d; lighter prime, £1 2s 6d to £1 3s 9d: light prime. £1 to £1 2s 3d; small and plain, 15s to 19s 6d. Pigs.—Extra heavy prime baconers mad© up to £4 13s; heavy baconers, £4 2s to £4 8s; medium, £3 16s to £3 18s; light, £3 9s to £3 13s; heavy porkers, £3 is to £3 7s: medium. £2 14s to £2 18s8d; light, £2 8s to £2 12s, small and unfinished. £2 2s to £2 bs; no good stores were offered; slips. £i 8s to £1 12s; best weaners, £1 Is to £1 ss; others. 12s to 18s.

Stortford Lodge Market At the Stortford Lodge sale yesterday there was an average yarding of both sheep and cattle. All beef sold well. Light steers made from £ll 12s 6d to £l3 15s; prime cows made to £11: heavy prime heifers, to £l3. A medium yarding of store cattle sold at late rates. Prices for fat lambs were steady. Rape lambs increased in value to sea at up to 19s sd; wethers and ewes were firm at late rates.

Exporters Operate at Addington There were only moderate entries at the Addington sale yesterday. Prices for beef showed a decline on last week’s rates by up to £l. Pat sheep values remained firm. The entry oi fat lambs was bigger than has been the case previously this year, and values generally are very firm, at rates ranging from 7Ad to Btd alb over all. fixpurt buyers held the market for fat sheep in the vicinity of to Cd a lb over all for wethers and 4d to 4-d ix lb for light ewes over all. An entry of 355 head of fat cattle was made up of a very mixed assortment. Best medium weight prime beef made to 44s 8d a hundred; extra heavv prime steers made to £22 17s 6d; extra heavy prime heifers made to £ls 12s 6d; extra heavy prime cows, to £lf> 2s Gd; good vealers made from £4 to £5. Bacon pigs averaged 7d to Sd a lb, porkers averaged, Sid to 9id a lb. FOREIGN EXCHANGES QUOTATIONS AT LONDON British Official Wireless RUGBY, "Wednesday. The following- rates on foreign exchanges are current today, compared with the cabled quotations on January 16 and

MELBOURNE WOOL DOWN LOWER PRICES—BIGGER DEMAND Reed. 9.0 a.m. MELBOURNE, Today. At the opening of tlie wool sales yesterday the market was from 10 to 15 per cent, lower. Opinion is that lower prices will result in a bigger demand from abroad, enabling manufacturers to compete more easily with cheaper fibres.

Closing quotations at today’s ml cld Buyers. Sellers. £ s. d. £ s. d BANKS— Australian of Com. — 1 s 0 Adelaide — 8 a 0 Australasia —. 12 4 0 Com. of Australia 1 3 1 3 0 Ditto, rights 0 2 0 0 2 0 Ditto (pref) G 13 0 2 • om. of Sydney 6 1 6 6 1 National of X.Z. . . G 10 IS ft New South Wales . 40 0 41 0 New Zealand . . 16 Ditto (D MortA . . Union of Australia . — 6 INSURANCE— National — 0 13 3 New Zealand .. 6 4 Queensland — 2 South British .. — 3 - LOAN AND AGENCY— Dalgety and Co. . . 12 3 6 — Dominion Invest, and Bank 1 1 Farmers’ Co-op. «ioldsbrougrh, Mort . Newton King (pref.) 0 11 0 0 14 COAL— Hikurangi 0 1 3 0 3 0 Ditto (pref•• •• 4 0 Ditto. A (pref.> .. 0 3 0 Pukemiro Renown 17 0 Ditto (pref.) .. .. 0 6 Ditto (new issue) 0 Taupirl •J Ditto (pref.) .. .. Watpa 0 14 0 VV estport 1 10 0 — Auckland 1 4 s 1 2 Ditto (roil.) .. .. 0 IS 2 — SHIPPING— Devonport Ferry 1 2 G 1 3 6 Howard Smith .. .. — 1 0 !> Huddart-Parker 1 0 Northern Steam 14 Ditto (con.) .. .. 0 7 0 TIMBER— T,evland-O’Brien 1 8 0 — National 0 S 0 0 6 Parker-La mb .. — 0 17 6 BREWERIES— C. L. Innos .. .. .. i 1 0 — Ditto (pref.) .. .. l 1 0 — f. Staples 1G 0 Crown 0 10 6 0 12 G MI SC ELL AN EO U S— Australian Glass . . 2 G 0 Aus. Iron and Steel (pref.) — 1 0 6

ly call were:— Buyers. Sellers. £ s. d. £ s. d Booth, Macdonald (pref.) — 0 5 0 British Tobacco Burns, Philp .. 1 19 6 Bycroft, Ltd 45 Colonial Sugar .. .. 44 Dominion Pictures .. i 0 9 Ditto (pref.) .. .. 1 0 3 Dunlop-Perdriau Kclipse Petrol .. .. electrolytic Zinc (ord.) Ditto (pref.) .. .. Farmers* Trading . . 0 8 o Fullers’ Pictures Gear Meat Hamilton Theatres Henry Jones Co-op. 1 Hill and Plummer (pref.) 1 1 0 1 2 6 N.Z. Drug Milne and Choyce u G (deb. stock) .. . Morris Hedstrom 18 1 (pref.) N.Z. Farmers’ fc-ert. 1 N.Z. Paper Mills . N.Z. Refrigerating 0 10 6 0 Northern Boot .. . . 0 G 9 Robinson Ice Cream 0 16 S. R. Maxwell & Co. 4 6 Taranaki Oilfields . 0 4 6 Union Oil .. VVbittorne. Steven- — G Wilsons Cement 2 0 MINING— 0 0 „ n 1 0 Moanataiari (pd.) .. 0 1 7 .Ditto (2s till pd) .. 0 0 7 0 Ditto (Is Gd pd) . . 0 0 Ohinemuri (ord.) 0 4 •5 0 0 W'aihi 13 0 13 Waihi Grand June. 0 1 0 Mount Lyell .. 1 16 6 Rawoiig DEBENTURES — n 0 9S 0 0 Ditto, G p.e 102 0 0 — — 9$ 0 Gisborne SheepWilliamson Film .. — 1U4 0 0 GOVERNMENT BONDS War Loan, 193S, ii — 100 0 0 Ditto, IT.’.:*, . . 99 Ditto, 1936, -• 9S 0 0 — INSCRIBED STOCK— War Loan. 1939, 4i 100 0 0 Ditto, 1939, 4} .. 10U 0 0 Ditto, 1937-41, 5i :*s Ditto 1933, .. 99 0 0 Ditto, 1933, 5i .. 98 0 0 Ditto, 1930, Di 9 b 0 0

par: - Jan. 21 Montreal, del. - 4.921 New York, dol. - 4.86 2o-a-Paris.-, fr.- .. .. 123.91 Jan. 16 123.92 Par. 4.866 1.6^4.866 Brussels, belga 34.95a •>5*65 25*22 Amsterdam, fl. . 12.10g Rome, lire . . . - 92.97a Bei lin, r.m. .. 20.©7 Stockholm, kr. . 18.13© Copenhagen, kV. il.fll Vienna, sch. .. 34.61a Helsingfors, 'm. 193 §1 Madrid, pes. .. 37.77© Lisbon, escue. . 108.25 Athens, dr. .. 37a Bucharest, lei. - 818 g: Ayr J es"doT : Calcutta, rupee 1* *.9-o2 Shanghai, tael . 241 gkfh^Ven.'- 3 VVl6 12ill 5-i lS:gi5 18.135 i!:!o B 34.60 \IVr-l ItiM 375 lil-32 44 7-S 17 15-16 241 IS 7-8 24 7-32 12.14 5 20.43 18.159 18.159 15.159 •«| 375.00 25.221 ll[ 7d 24.7sd 12.10